Wednesday, July 22, 2026

Bank CFO jailed 36 months in U.S. prison for fraud scheme

Mr Luneke defrauded Bank of the Valley, obtaining two loans totalling approximately $4,320,000.

• July 20, 2026
Bank of the Valley, Stearns Bank
Bank of the Valley, Stearns Bank

Aaron T. Luneke, 44, of Columbus, Nebraska, has been sent to prison for bank fraud. His sentencing was announced on Friday.

He was convicted by a federal jury of committing bank fraud and attempted bank fraud in connection with loans he sought to build and operate a Legacy Express Wash, a car wash in Columbus.

Mr Luneke was sentenced to 36 months’ imprisonment.

There is no parole in the federal system. After his release from prison, Mr Luneke will begin a five-year term of supervised release. He was ordered to pay a $10,000 fine.

The jury found that Mr Luneke attempted to defraud Stearns Bank, located in St. Cloud, Minnesota, by using fraudulent and inflated contractor invoices to artificially inflate the valuation of the car wash property in pursuit of a $3.5 million refinancing loan.

Further evidence at trial established that Mr Luneke failed to disclose significant personal debts owed to family members in connection with the Stearns Bank loan application.

The jury also found that Mr Luneke defrauded Bank of the Valley by submitting fraudulent and inflated invoices from contractors as the basis for additional construction loan proceeds, obtaining two loans totalling approximately $4,320,000.

At the sentencing, the court found that Mr Luneke’s abuse of his position as chief financial officer at Bank of the Valley significantly facilitated the commission and concealment of the fraud against the victim bank.

The court further determined that Mr Luneke employed sophisticated means to carry out the scheme.

Mr Luneke served an aggravating role by organising, leading, managing, or supervising others in executing aspects of the fraud, obstructing justice by providing false testimony during the trial, and causing a victim to suffer substantial financial hardship. 

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